e-Banking

E-Banking, a facility that provides operations and services electronically. This is also known as online banking, net banking, etc. There were times when people have to stand in long queues, sweating in summer and trembling in winter for long hours for the banking operations which today could be carried out easily just with a click. The facility of e-banking has eased the lives of people very much since it was introduced. Who had ever thought that once the day will come which would give them the flexibility to avail the banking operations from wherever they are. Every kind of facility is it the banking or even the non-banking operations could be carried out easily. The fund’s transfer that is either to credit or to debit can be done from anywhere. The use of e-banking is not only confined to the fund’s transfer but also several non – banking services, like to see and check the balance in the account, the time and date of each transaction are recorded in the transaction history section with the unique transaction ID every time, the request for a new cheque book when the old one is finished and the loan status can be viewed and the EMI on a certain loan can be calculated by putting the loan amount and the number of years in which it will be paid along with the loan interest. The e-banking service has been proved a boon in the lives of people.
Earlier, extra time had to be taken out to perform some of the specific banking operations but now this can be done easily from any nook and corner of the world.
The whole system of banking is so sensitive that there is a high chance of threat which would be proved as a big loss in any individual’s life. This problem has been provided with a secured solution of passwords that one has to create and verify while making an account online. The person who is using the net banking service has to register himself or herself on the website and applications that they want to use for online banking. Some of the applications even are one step further in providing a secure system of protection feature where the users need to enter the pin as well as the OTP send to their phone numbers so that this online theft can be curbed. The is also a provision where if a person somehow has forgotten his or her password that was created while making the account then they are provided with the solution of forgot password and then they have several ways with the help of which we can create the new password and use the account. Every activity is recorded and maintained on the database and the message for the fund’s transfer is always sent through SMS on the registered phone number and people are asked through it that whether this activity is carried out by themselves or not and if the customer finds anything suspicious then they are provided with the helpline number and the ways which they could follow easily and secure their account from loss. There are separate applications of each bank which could be used for e-banking and apart from that, there are even some of the apps (applications) which could be operated on mobile phone flexibly like Phone Pe, BHIM app, Paytm etc.
Now, in the current scenario where covid- 19 has reached every part and corner of the world, conventionally going to the bank and doing the transactions or any banking service would cost the life of the person. There is a high chance of getting exposed to covid- 19 in such public places. So, here it has been proved as a beneficial service, where people cannot go physically to any institute and several small or big companies or startups that were highly affected due to pandemic. It has helped these institutes definitely up to some extent and its importance is now for sure felt and has increased a lot with time.
E-banking has contributed a lot and plays an important role in the dream of our honourable prime minister Shri Narender Modi of digitalization, that time is not far when every service will be digitalized and would be carried out only electronically and everyone will carry a virtual wallet instead of a normal wallet. The virtual wallet will be in everyone’s phone in which every banking website or application will be linked with each – other, which will require a password already pre-set by the owner and at the same time OTP as well for the protection and security purpose so that it is not misused.
E-Banking is a useful electronic system that is the future and all the banking services will be fully digitalized. It is a secured network of banking that could be carried out from anywhere.